Dominica IBC Offshore Company Formation

Overview of a Dominica Offshore Company (IBC)

The Commonwealth of Dominica (not to be confused with the Dominican Republic) is located in the Eastern Caribbean offers attractive offshore formation opportunities for potential foreign individuals and companies. Dominica currently offers a broad range of offshore services, the most popular product being the International Business Company (IBC), also known as an offshore company or a non-resident company.

The International Business Companies (IBC) Act passed in 1996 offers progressive legislation with a flexible structure and formation process. Since then, Dominica has experienced rapid growth in the offshore sector due to its liberal legislation, quick incorporation procedures and low government formation fees.

The Dominica IBC offers individuals fully tax exempt status, with zero obligations on financial reporting and low fixed annual fees for licensing. As an offshore business center, Dominica is quickly becoming one of the world leaders in offshore services.

For more information on the Advantages of Dominica as an Offshore Financial Center, click here.

Key Corporate Features of a Dominica IBC

Dominica IBC	Corporate Details
General
Type of Entity	IBC
Type of Law	Common
Governed by	International Business Companies (IBC) Act 1996 Companies Act 1994 Offshore Banking Act 1996
Registered Office in Dominica	Yes
Shelf company availability	Yes
Our time to establish a new company	1-2 Days
Minimum government fees (excluding taxation)	$405
Corporate Taxation	Exempt for 20 years
Access to Double Taxation Treaties	No
Share capital or equivalent
Standard currency	US Dollar
Permitted currencies	Any
Minimum paid up	$100
Usual authorized	No Limit
Bearer shares allowed	Yes
No par value shares allowed	Yes
Directors
Minimum number	One
Local required	No
Publicly accessible records	No
Location of meetings	Anywhere
Corporate directorship allowed	Yes
Shareholders
Minimum number	One
Publicly accessible records	No
Corporate shareholder allowed	Yes
Location of meetings	Anywhere
Company Secretary
Required	No
Local or qualified	Not required
Accounts
Requirements to prepare	Yes
Audit requirements	No
Requirements to file accounts	No
Publicly accessible accounts	No
Recurring Government Costs
Minimum Annual Tax / License Fee	$405
Annual Return Filing Fee	Nil
Other
Requirement to file annual return	No
Migration of domicile permitted	Yes

Advantages & Top Uses of a Dominica IBC

Advantages

There are a number of advantages given to individuals and companies who choose to incorporate in Dominica, including:

Flexible requirements - With respect to capitalization, shareholders, directors and shares of the company
Efficient business regulations - Fast incorporation, straightforward registration procedures, no limitations to the share capital value and currency, no requirements of minimum paid-up capital
No financial reporting requirements - Financial statements are not made available to the public
Flexible legislation - Allows for multiple uses of a Dominican offshore company
High Confidentiality and Privacy - Names of directors and shareholders are not made public. Additionally, nominee shareholders and directors are also available in Dominica, providing yet another layer of privacy
Asset security and protection - Maintained via provisions that restrict seizure, expropriation or confiscation of assets by foreign authorities or creditors

Dominica’s offshore jurisdiction enables companies and individuals to take advantage of numerous other benefits including:

Zero tax
Political and economic stability
Absence of exchange, currency and capital controls
Absence of tax treaties
Modern and simple incorporation laws and procedures
Excellent communications and transportation systems
Superior banking and professional services
An English Common Law System
English speaking country
Minimum disclosure requirements
Currency diversification
Limiting personal liability
Reduction in transaction costs

Top Uses

Due to Dominica’s progressive IBC legislation, incorporation procedures are both easy and flexible, making an IBC a useful tool for many different business activities.

The formation of an IBC can be made for any legal purpose and for any legal activity, except for the banking and insurance sectors. An IBC can be used for any commercial enterprise, including but not limited to:

Offshore savings and investments
Manufacturing
Transportation
Trade and distribution
Forex and stock trading
E-commerce
Professional service company

In order to carry out certain activities, proper licensing is required for:

Online casino and other online gaming
Ship management and other maritime operations
Owning and lease of yacht and vessels

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Dominica IBC

£805.00 each

Includes:

Government Registration Fee (First year)
Registered Office Address (First year)
Registered Agent Services (First year)
Company Secretarial Maintenance
Certificate of Incorporation
Memo & Articles of Association
Appointment of 1st Directors
Consent Actions of the BOD
Share Certificates
Register of Directors
Register of Officers
Register of Shareholders
FREE Phone and/or email consultations

There are very few requirements in order to set up a Dominica IBC:

A single individual can set up an Dominica IBC with just one director and one shareholder to set up an offshore company (the director can be the same person as the shareholder)
Certified copy of identification pages of passport
Police clearance certificate

Individuals and companies interested in establishing a Dominica offshore IBC benefit from a number of tax incentives including:

Tax exemption from all taxes for a minimum period of twenty years
Tax exemption from all income generated through an IBC including dividends, royalties, capital gains, inheritance, and rents
There are no exchange controls on the movement of funds by IBC's and there is unrestricted operation of bank accounts
Dominica is not party to any double tax treaties

Dominica Companies Maintenance of Privacy

The IBC Act makes it an offence for anyone to reveal any information regarding a Dominica corporation, except under criminal investigations through a court order. The affairs of any offshore IBC can only be looked into when its principal is found guilty of a crime in his/her country of residence and only if that offence is deemed criminal in the offshore jurisdiction had the same act been committed there.

Tax Treaties and exchange of information

Double Taxation Treaties have been signed with:

Switzerland, Antigua and Barbuda, Barbados, Belize, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, Australia, Belgium, Canada, Denmark, Faroe Islands, Finland, Greenland, Iceland, Netherlands, New Zealand, Norway, Portugal, Sweden, UK, and USA.

Exchange controls

There are no foreign exchange controls and the US dollar is allowed to circulate freely throughout the economy.

Type of Law

Dominica’s legal system is based upon British Common Law.

Principal Corporate Legislation

International Business Companies (IBC) Act 1996
Companies Act 1994

Other Offshore Legislation

International Exempt Trust Act 1997
Offshore Banking Act 1996

Restrictions to Business Activities

An IBC is restricted from conducting business in Dominica as well as any activities that include real estate banking, trust, or in insurance sector unless the appropriate license is granted.

Corporate Business Relations Allowances

Make and maintain deposits in Dominica
Engage professional services in Dominica
Hold shares, debt obligations or other securities in a company owned by a resident, locally registered company or one incorporated through the Local Companies Act.

Powers of Company

An IBC is given all rights, powers and privileges of an individual.

Name Restrictions

Restricted names are any that suggest the patronage of the Royal Family, the government, political party, university, professional association, or any names that may considered to be objectionable or that have already been taken.

Language of Name

Any language or alphabet, but if not in English a translation is required.

Suffixes to Denote Limited Liability

An IBC name must indicate Limited Liability, ex. Ltd, Corp.

Documentation Requirements

Copies of Articles of Association, Memorandum of Association, and Certificate of Incorporation, must be kept at the Registers office, though the register is not available to the public.

Shares may be issued: with or without par value, can be issued as registered or in a bearer form, can be issued for consideration other than money and without par value.

Incorporation time frame

1-2 working days